Internet of things (IoT) refers to the interconnected continuum
of devices, objects and things using technology. IoT has become a ubiquitous
term to describe billions of devices connected over the internet. However, this
large amount of data and information is vulnerable to hacking and malware
attacks owing to t increasing diversity of IoT devices. Hence, to ensure secure
and safe communication between these devices and their effective functioning,
it is imperative to maintain the security of network by implementing IoT
security solutions.

In recent years, enterprises globally have been incorporating
various technologies such as cloud and social media which has led to the
generation of large amounts of data. The larger the volume of data transferred
over the IoT, the greater the risk of data theft, identity theft, device
manipulation and network manipulation.
Additionally, the increased adoption of smartphones, tablets and other such
media exposes the data to more risk, loss and breach. This mandates the need to
adopt IoT security solutions to secure data against threats originating from
the internet. Thus, due to the rising malware threat, businesses are looking
for security solutions which is driving the global IoT security market.

Furthermore, concepts such as Bring Your Own Device (BYOD),
Bring Your Own Phone (BYOP) and Bring Your Own PC (BYOPC) are a growing trend.
These concepts help to increase flexibility in the working environment of
employees in turn swelling their productivity. However, security is of prime
concern to any organization when an external device accesses the internal
network. This is driving more organizations to implement security solutions in
turn supporting the global IoT security market.

The increasing demand for cyber security has pushed the
government to make stringent cyber and IT laws, legal and regulatory
compliances for data security. Furthermore, there are various security
standards that need to be adhered across various industry verticals. For
instance, Health Insurance Portability and Accountability Act (HIPPA) for
healthcare and Payment Card Industry Data Security Standard (PCI DSS) for BFSI
mandate security standards and have specific guidelines to have secure data
access and transfer across mobile devices. Such mandatory standards across
different industry verticals are propelling the use of security solutions in
turn driving the global IoT security market.

Global IoT Security Market: Competitive
Insight

Leading IoT security solutions providers such as Cisco Systems,
Inc. offer physical and cyber security solutions. These solutions work
coherently to produce security intelligence in real time. There are some
players such as IBM Corporation and Hewlett-Packard Development Company L.P.
among others that offer IT security consulting services. This enables
organizations to identify possible threats. IT security services are widely
used across various industry verticals such as IT, banking, financial services
and insurance (BFSI), manufacturing, healthcare and entertainment among others.
Thus, in addition to physical and cyber security solutions, security consulting
services are expected to rise during the forecast period.

Geographically, the global IoT market is classified into North
America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Currently, North America has the largest share in the global IoT security market.
Some of the leading players in the global IoT security marketplace include
Cisco Systems, Inc., IBM Corporation, Hewlett Packard Development Company L.P.,
Symantec Corporation, Intel Corporation and Infineon Technologies among others.

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